HCC net loss lowers to Rs 90 crore in Q4
Jun 23, 2021
Mumbai (Maharashtra) [India], June 23 : Infrastructure major Hindustan Construction Company (HCC) on Wednesday reported a net loss of Rs 90 crore in the January to March quarter versus a net loss of Rs 212 crore in the same period of previous fiscal.
The turnover totalled Rs 894 crore in Q4 FY21 as compared to Rs 788 crore in Q4 FY20.
Challenges in supply chain management, logistics and non-availability of migrant workers at project sites affected the working capital cycle, the company said in a statement.
"Uncertainty remains to the extent of further pandemic related disruptions to construction cycle," it added.
In FY21, net loss rose to Rs 567 crore as compared to a loss of Rs 169 crore in FY20. The turnover dipped to Rs 2,642 crore versus Rs 3,676 crore in previous fiscal.
EBITDA margins were at 11.6 per cent in FY21 compared to 12.8 per cent in FY20.
Arjun Dhawan, Group Chief Executive Officer, said the order book stood at Rs 17,914 crore, excluding one order worth Rs 1,147 crore (HCC's share Rs 585 crore) procured in Q1 FY22.
HCC has embarked on a comprehensive debt resolution plan which it hopes will substantially deleverage the company and place it on strong footing to grow.
It is expected to get implemented in Q2 FY22 with all formalities having been completed, and with lenders currently in the process of procuring their final board approvals.
HCC Ltd serves the infrastructure sectors of transportation, power and water.
